Japan - May 2020

S P OT L I G H T
Savills Research

Japan Retail

Retail sales in Beijing were up 4.4% year-on-year to RMB539.8 billion in 1H 2018

Japan Retail

The calm before the storm
Summary• The upward trajectory ofTokyo’s average 1F rental growthcontinued in 2H/2019, with
Shinjuku in particular impressing.
•T he retail sector has been
hit hard by the onset of
COVID-19 and footfall in usuallybusy commercial areas has
unsurprisingly plummeted. As
such, the future prospects of thisvulnerable sector have taken asudden turn for the worse.
•W ith global travel restrictions inplace, inbound tourism has also
been crimped. Though a blow
to the government’s ambitions,inbound tourism represents
less than 1% of Japan’s GDP
and, therefore, should be moremanageable compared toregional peers.
• Transaction volumes have fallen
by over half compared to theprior year, and this looks unlikely
to change any time soon. Most
deals have understandably
been put on the back burner,
especially for overseas investors
unable to complete their due
diligence.
• Despite the short-term pain,
the benefits from ongoing retaildevelopments in Tokyo andbeyond should be apparent overthe longer term, with improved
accessibility and modern
facilities adding to the vibrancyof high street retail in Japan.
• The gap between the winners
and losers in the retail sector iswidening. Meanwhile, market
players who had built up theirtechnological capabilities before
the outbreak are well placed toweather the pandemic and its
aftermath.

TOKYO SUBMARKET RENTS
As reported in the semi-annual survey by theJapan Real Estate Institute (JREI) and BAC
Urban Projects, rental growth in Tokyo’s prime
retail submarkets on the whole was impressive
during 2H/2019. Average 1F rents increased by
4.9% half-year-on-half-year (HoH) and 14.9%
year-on-year (YoY). As for Non-1F rents, growthin this sector has yet again exceeded its typicallymore volatile 1F peer, rising 8.8% HoH and 15.9%
YoY. As such, for the first time, non-1F rents in all
submarkets sit above JPY30,000 per tsubo permonth. At the submarket level, 1F rents in Ginza
remain streets ahead of rivalling districts, whilst
the spread between average non-1F rents remains
tight.
Ginza
It would appear that Omotesando’s status as themost expensive submarket for 1F rents in 2H/2018
was indeed temporary, and normalisation has
returned. 1F rents in Ginza have retained the
top spot for the second consecutive half year
after growth of 4.5% HoH and 38.6% YoY to
JPY78,600 per tsubo1. As for non-1F rents, growth
was equally impressive this period. Despite
lagging behind Omotesando for over two years,
the spread between these two submarkets has
narrowed markedly as rents increased by 12.0%
HoH and 21.2% YoY.
As the premier shopping district in Japan,
Ginza, perhaps more than most, had benefitted
from the boom in inbound tourism. Yet, this
could now end up hurting the submarket
disproportionately. As a harbinger of what was tofollow, both footfall and sales in the submarket
declined by around 20% YoY over the Lunar
Celebrations. Nonetheless, the likelihood ofrents suddenly dropping is low given very limited
vacancy as well as the long-term contracts inplace with many of the larger retail names withdeep pockets.
OmotesandoWith a diverse range of customers anddemographics, Omotesando has recently seen
a jump in the number of popup stores andshowrooms to much success. Indeed, with
e-commerce continuing to grow, these shortterm leasing contracts could be an establishedtrend going forward. Despite the popularityof the submarket, however, 1F rental growth
faltered in 2019. Rents fell close to 14% YoY to
JPY52,700 per tsubo. In contrast, non-1F rents
fared much better, growing 11.2% HoH and 8.9%
YoY, ensuring that it remains the most expensive
submarket.
Shinjuku
Thanks to the importance of Shinjuku station,
this submarket has the highest level of footfall
in Japan, and unsurprisingly, sales figures also
1 Throughout the report, “per tsubo” is shorthand for “pertsubo per month”.

savills.co.jp/research2

lead the way. As such, demand from a range ofretailers for this submarket is high, adding to
the stability of rents going forward. Maybe as aresult, having lagged since 2H/2016, 1F rents inShinjuku are now on par with Omotesando afteran exceptional period of growth. Rents increased
by 24.0% HoH and 47.6% YoY to JPY52,700 per
tsubo – the greatest change out of all submarkets.
Given the scarcity of prime locations, however,
it is worth remembering the inherent volatility
present. Meanwhile, non-1F rents in Shinjuku
remain the cheapest out of all the submarkets,and this looks set to continue following muted
half-yearly growth.
Given the resilience of the Shinjuku
submarket, rents are expected to offer some moreresistance under the cloud of COVID-19 whencompared to the likes of Ginza. Over the longer
term, noteworthy enhancements in accessibility,
particularly surrounding to the station, should
ensure that prime rents remain high.
Shibuya
Having been on a roll for three consecutive halfyears, 1F rents abruptly declined this period in
Shibuya. After falling 7.5% HoH and 3.0% YoY– the only submarket to experience a drop overboth periods – rents languish at the bottom of thepile. Non-1F rents, in contrast, have maintained
momentum, somewhat driven by the previously
bullish position of the office sector, growing 7.7%
HoH and 17.5% YoY.
Despite the surprising drop in 1F-rents, thelong-term prospects of Shibuya remain relatively
bright. As in Shinjuku, the submarket benefits
from a high level of footfall, especially in areas
in close proximity to the station and recent
developments such as the Urban Core Project
have greatly improved accessibility. Otherwise,
following in the footsteps of Shibuya Scramble
Square and the most recently completed Parco,
the Miyashita Park project – due to open its doors
in June this year – will add to the vibrancy of thearea, whilst also adding to the strong line-up ofretail facilities currently available.
NEW DEVELOPMENTS AND
EMERGING RETAIL MARKETS IN
TOKYO
Despite the bearish prospects of the retailsector, the benefits from the numerous projects
currently in progress in Tokyo should preserve
the longer term potential of the respective
submarkets. In the case of Harajuku for instance,
the redevelopment of the surrounding areas,
starting with the station – which commenced
operation in March – will see a significant
modernisation of the region. Likewise, thecompletion of With Harajuku in May will
welcome global tenants such as Uniqlo and IKEA,
which should help build on the submarket’s
already diverse consumer base. What’s more,in 2022, the Jingumae 6-Chome District
Project will see a 10F commercial complex with

Japan Retailapproximately 6,700 tsubo (22,000 sq m) of
GFA brought to the table. Indeed, there appear
to be some glimmers of hope amongst thecurrent gloom.
Elsewhere, not wanting to be left out,
Ikebukuro is also undergoing significant
change. For instance, the completion of Hareza
Ikebukuro in the summer of this year creates acultural hub, providing cinemas, theatres andconcert halls, helping to improve the area’s
potential. Accessibility is also predicted to beenhanced thanks to the construction of an
overpass, on both the northern and southernsides of the station, which will eventuallyconnect the retail districts to the east and west.
Looking further ahead, the East Ikebukuro
1-Chome redevelopment project, slated for2024, is expected to add over 30,000 tsubo(100,000 sq m) of GFA, comprised of retail and

The COVID-19 outbreak has
overshadowed the solid rental
growth observed in 2H/2019 and,with no respite on the horizon, theprospects for the sector appear
daunting. That said, some retailers
are better placed than others toweather the ongoing pandemic,
especially those able to leverage
their technological capabilities.
office facilities, further adding to the footfall
and liveliness within the submarket.
Outside of Tokyo, other major regional
cities, such as Osaka, Nagoya, and Fukuoka,
have numerous redevelopment projects inthe pipeline with the aim of enhancing retail
districts and continuing to attract consumers.

GRAPH 1: Tokyo 1F Rents, 2008 to 2019
Ginza 1F
Shinjuku 1F
Average asking rent: 1F

90

Omotesando 1F
Shibuya 1F

THOUSAND JPY / TSUBO

80
70
60
50
40
30
20
10
0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H2008 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source JREI, BAC Urban Projects, Savills Research & Consultancy

GRAPH 2: Tokyo Non-1F Rents, 2008 to 201945

Ginza Non-1F
Shinjuku Non-1F
Average asking rent: Non-1F

Omotesando Non-1F
Shibuya Non-1F

THOUSAND JPY / TSUBO

40
35
30
25
20
15
10
5
0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H2008 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source JREI, BAC Urban Projects, Savills Research & Consultancy

3

REGIONAL CITIES
Average regional 1F rents are back to within
10% of their 2008 highs following a reversal
in fortunes in 2H/2019. Growth returned toa respectable 4.2% HoH, pushing rents to
JPY22,700 per tsubo. Over the year, however,rents declined by over 6%. Non-1F rental
growth, in contrast, picked up where it left off
last period. Rents increased by 2.9% HoH and
4.4% YoY to JPY13,150 per tsubo. In terms ofspecific submarkets, Sendai saw the strongest
1F rental growth over both the half-year andyear.
1F rents in Osaka’s Shinsaibashi maintained
momentum in 2H/2019, though unfortunately
in the wrong direction. Rents continued tofall, declining by 12.0% HoH and 26.7% YoY to
JPY24,200 per tsubo, giving back much of the
upswing seen during 2018. That said, 1F rental
growth is inherently volatile given the small
sample size. Looking at non-1F rents, growthin this sector was mixed. Rents now stand at
JPY13,800 per tsubo following a fall of 1.4%
HoH. Over the year, however, rental growth wasa decent 4.5%.
The Shinsaibashi submarket has always
been a hub of activity, with a significant level offootfall, including a large proportion of foreign
visitors. Consequently, the make-up of the retail
district had been going through a transitionof late, with drug stores replacing fast-fashion
retailers to take advantage of the surge in
inbound tourism. Yet, for all the footfall, theover-reliance on inbound tourism could end
up being the Achilles heel of the submarket
under the current circumstances. For instance,
Daimaru Shinsaibashi – given the crown forthe highest duty-free revenues in the country– has seen transaction volumes largely dry up
compared to a year prior. With the COVID-19

Japan Retailoutbreak halting the previously high demand
from drug stores, rents are unlikely to remain
at the current levels, whilst those currently
paying high rents may have no choice but to
ask for temporary reductions.
In Nagoya’s Sakae, 1F rents continued to falland now lie at JPY20,600 per tsubo. The rateof decline did, however, slow meaningfully
during the half-year to 0.5%. The same could
not be said for annual rental growth whichfell a further 20.2%. Meanwhile, non-1F rents
saw rental growth of 2.7% HoH and 6.4% YoY,
increasing to JPY15,000. With traditional
department store heavyweights such as
Takashimaya dominating areas surrounding
the main station, fashion retailers are few
and far between, found mainly in the Otsudori shopping district. That said, the lack ofvacancy in this exclusive area has maintained
the high level of rents, ensuring the continued

premium over its peers.
Looking forward, the landscape of the
Sakae submarket is set to change significantly.
Along with the numerous mixed-useddevelopments due to be completed this year,
2021 will see the completion of the tentatively
named Nagoya Mitsui Building North Tower,bringing up to 9,000 tusbo (30,000 sq m) of
GFA online. Looking even further ahead, theredevelopment of the Oriental Building, whichcurrently counts Mitsukoshi as the main
tenant, is aiming to be completed in 2029. The
new B4/34F multi-use facility is reported to
be 180m tall, with a potential GFA of 39,000
tsubo (130,000 sq m).
In Sendai, as with the Sakae submarket,
fashion retailers are slowly being pushed outof locations around the station, with F&B
facilities taking their place. Having remained
fairly flat lately, 1F rental growth in Sendai in

GRAPH 3: 1F Rents In Retail Districts Of Regional Cities, 2008 to 2019
Shinsaibashi 1F
Sendai 1F
Sapporo 1F

35

Nagoya Sakae 1F
Fukuoka Tenjin 1F
Average asking rent 1F

THOUSAND JPY / TSUBO

30
25
20
15
10
5
0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H2008 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source JREI, BAC Urban Projects, Savills Research & Consultancy

GRAPH 4: Diffusion Index Of Current Economic Conditions For The Overall Market
And Retail Sector, 2008 to Q1/2020
Overall

Retail Sector

60
55

DIFFUSION INDEX

50
45
40
35
30
25
20
15
Jan
Jun
Nov
Apr
Sep
Feb
Jul
Dec
May
Oct
Mar
Aug
Jan
Jun
Nov
Apr
Sep
Feb
Jul
Dec
May
Oct
Mar
Aug
Jan
Jun
Nov
Apr
Sep
Feb

10

2008 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019 20

Source Cabinet Office, Savills Research & Consultancy

savills.co.jp/research

4

2H/2019 was remarkable. Rents now stand at
JPY32,400 – by far the highest out of the main
regional submarkets – on the back of a 32.8%
HoH and 28.1% YoY increase.
The number of 1F listings remains low
in Sapporo and therefore volatility is to be
expected. Indeed, listed 1F rents fell 14.2% HoH
and 28.1% YoY this period, continuing where
the last period left off. Even so, actual rents
are likely to exhibit more stability as turnoverin the prime locations is limited. Inboundtourism has been a significant growth catalyst
in this submarket, with department stores andpharmacies alike profiting. Nonetheless, theimpact of COVID-19 has put an unforeseenend to this dynamic. Major department store
sales declined by 45% in March, the hardest hit
among major cities, and the outlook for thissubmarket is unclear.
As a top destination for overseas visitors,
especially from South Korea, the Tenjin
submarket was well-placed to ride the inboundtourism wave. Despite the relationship between
Japan and South Korea souring, it would
appear that it was able to prolong the upward
momentum during 2H/2019. Specifically, 1F
rents in Fukuoka Tenjin moved 12.2% HoH and
17.9% YoY higher to reach JPY23,000 per tsubo– the highest level in four years. Even so, given
its exposure to inbound tourism, and with thedisruptions to international travel expected
to outlast the pandemic itself, this submarket
is likely feeling the pain more than most.
Dependent on how it gets through this current
uncertainty, however, the longer term prospectsof the submarket appear bright, with the Tenjin
Big Bang Project expected to be the centrepieceof this recovery.
COVID-19 AND ITS IMPACT ON THE
RETAIL SECTOR
Although Japan has yet to implement a strict
lockdown as seen in the West, caution amongst
residents has been high since February. Footfall,
as a consequence, has unsurprisingly faded.
What’s more, this trend may continue for thetime being, and might worsen if the government
takes additional steps to restrict the spreadof COVID-19. Indeed, this gloomy market
sentiment can be clearly seen in the diffusionindex for current economic conditions, withthe reading touching lows not even seen in the
midst of the financial crisis (Graph 4).
Self-isolation has unsurprisingly hit retailrevenues, and financial forecasts have not fared
any better. For instance Saizeriya, a low-cost
Italian restaurant chain, saw an estimated 22%
YoY decline in domestic sales during March –the largest decrease in a decade. Going forward,
with 300 branches nationwide set to be closed,
forecasted profit growth for the remainder ofthe fiscal year has gone from of a 20% increase
to a 60% decline. Meanwhile, Bic Camera, alarge electronics retailer popular with foreign
visitors, has been dealt a double whammy. Not
only were sales in March a fifth lower comparedto the previous year, supply chains have also
been significantly disrupted. Profits for the restJapan Retail

GRAPH 5: Index Of Inbound Tourism On A Rolling Half-yearly Basis, 2014 toQ1/2020
All Nations

China

South Korea

Taiwan700

INDEX (100 = JAN 2014)

600
500
400
300
200
100

2014

2015

2017

2018

2019

Jan

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

2016

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

0

2020

Source JNTO, Savills Research & Consultancy

GRAPH 6: Retail property investment by region, 2009 to Q1/2020*
Tokyo
Osaka
Kanto (Ex-Tokyo/Yokohama)
Other

1,200

Yokohama
FukuokaKansai (Ex-Osaka)
Of which Tokyo (%) (RHS)

80%
70%

1,000

JPY BILLION

60%
800

50%

600

40%
30%

400

20%
200

10%

0

0%
2009 2010

2011

2012

2013

2014

2015

2016

2017

2018

2019 2020(YTD)

Source RCA, Savills Research & Consultancy*Q1/2020 volume is preliminary and is likely to be revised upwards. In principle, RCA investment volumes do
not include related-party transactions, such as those among a J-REIT and its sponsor.

TABLE 1: Selected Retail Transactions, Announced Q4/2019 to Q1/2020

ANNOUNCEDPROPERTY

LOCATION

GFA(SQ M)

PRICE(JPY BIL)

DIRECT
CAP
RATE

BUYER

Mar 2020

A-Place
Shinbashi

Minato,
Tokyo

8,500

21.0

3.6%

GK Asunaro(SPC of Tokyu
Land)

Mar 2020

Tod’s
Omotesando
Building

Shibuya,
Tokyo

2,500

19.5

n/a

Omtesando
Investment GK(SPC of Kering)Oct 2019

Kalsa Hiratsuka

Hiratsuka City,
Kanagawa

19,200

6.0

4.4%

Kenedix RetailREIT

Jan 2020

Tonarie
Yamatotakada

Yamatotakada
City, Nara

15,500

4.2

4.9%

Escon JapanREIT

Mar 2020

Osaki BrightCore (the eighth
floor only)

Shinagawa,
Tokyo

1,400

2.8

3.2%

NipponBuilding Fund
REIT

Source Press releases, RCA, Savills Research & Consultancy

5of the fiscal year have accordingly been marked
down by close to 90%. Meanwhile, prime retailsales are also under pressure. For now, however,owners in this subsector have a higher degreeof protection as rents are fixed with creditabletenants, whilst the most sought after locations
still have the advantage of high land values andstrong demand. As such, the prime subsector isperceived to be defensive.
With international travel prohibited, to saythat inbound tourism has suffered would be anunderstatement. To wit, the number of inboundtourists plummeted by close to 93% YoY in
March. When looking closer at the three largest
contributing countries in terms of visitor
numbers, the drop off in Chinese tourists is
staggering (Graph 5). Accounting for a large
chunk of overall inbound expenditure, thedecline in these visitors will clearly be a blow
to the retail sector. Meanwhile, all the progress
made in increasing the number of South
Korean tourists has all but disappeared as thevarious issues since last year takes its toll. Thatbeing said, some submarkets are less reliant
on inbound tourism compared to others, andtherefore the impact of this dynamic will vary.
INVESTMENT TRENDS
The latest results of a semi-annual survey by
JREI, reported in October 2019, indicated that
expected cap rates for prime retail property
in Ginza and Omotesando remain steady at
3.4% and 3.5%, respectively, while expected
cap rates for suburban shopping centres in theTokyo area and in regional areas were 5.4% and5.7%-6.5%, respectively. Actual market cap rates
could be 50-100 basis points lower than these
expected cap rates.
With most transactions, if any, completed
prior to the full blown COVID-19 outbreak,it is not surprising that investment in retailproperty has declined in Q1/2020 compared tothe same period last year (Graph 6). Specifically,
total transaction value stood at a provisional
JPY53 billion, a 58% YoY decline, according topreliminary data from Real Capital Analytics(RCA). Currently, with nearly all rumouredtransactions suspended or postponed, thistrend is unlikely to shift anytime soon and is
not inconceivable to persist months after the
pandemic has started to recede.
WINNERS AND LOSERS
As inbound tourism grinds to a halt, and withlockdown measures hindering footfall, theoutlook is certainly bearish for the retail sector.
Of particular concern are smaller companies,
whose capital is between JPY10-20 million,
especially in the F&B industry. Even before
the impact of COVID-19 had taken hold inJapan, average cash reserves, equivalent tomonthly revenue, of these businesses had been
below their peers in the consumer retail andentertainment sectors (Graph 7). What’s more,with only around a month’s revenue held ascash as at the end of 2019, and with very highbreak-even points historically in the industry– at well over 90% – this sector certainly looks

Japan Retail

GRAPH 7: Months Of Revenue Held As Cash By Industry Type And Company Size*,2017 to 2019
Consumer Retail (Overall Market)
F&B (Overall Market)
Entertainment (Overall Market)

Consumer Retail (Small Companies)
F&B (Small Companies)
Entertainment (Small Companies)

3.5

NUMBER OF MONTHS

3.0
2.5
2.0
1.5
1.0
0.5
Q1

Q2

Q3

Q4

Q1

Q2

2017

Q3

2018

Q4

Q1

Q2

Q3

Q4

2019

Source Ministry of Finance, Savills Research & Consultancy*Small companies are defined as those whose capital is between JPY10-20 million.

vulnerable.
That said, not all retailers are expected tosuffer the same fate. Indeed, some retailers,
including those necessary for daily essentials
function as part of social infrastructure and,accordingly, sales have outstripped rivals suchas department stores. Meanwhile, those who
had improved their technological capabilities
should be able to weather the ongoing storm.
For instance, Nitori, a home-furnishing retailer
akin to IKEA, has been able to leverage its
pre-existing digital infrastructure to diversify
business streams. More specifically, using
advanced technology, the retailer has been able
to provide around 150 small -and medium-sizedcompanies a service that helps to improvetheir logistical capabilities. From using
artificial intelligence to plan the most efficientroute to reduce delivery times, to inventory
management using blockchain technology,
Nitori hopes that these services will add arounda few JPY100 billion in annual sales by 2030,
compared to approximately JPY20 billion
currently.
Looking further ahead into the post-

COVID-19 world, urban high street retail
may function more as a showroom – adynamic already seen in submarkets suchas Omotesando – while suburban retail may
be seen more as a logistics play. Meanwhile,following a prolonged period of working-fromhome, some companies may decide to continue
these practices for the longer term. As such,teleworking spaces, especially beyond the urban
centres, should be in high demand, in turncreating new opportunities for retailers in theselocations.
OUTLOOK
Despite rents in the retail sector marking astrong end to 2019, the positivity was swiftly
overshadowed by what came next. Indeed, withthe economy already under pressure following
the consumption tax hike of October 2019, the
COVID-19 crisis has created a perfect storm
for Japan. The one-year postponement of theTokyo Olympics has further dampened market
sentiment for 2020, though it would seem morewelcome than an outright cancellation.
With caution amongst citizens high, footfall

has unsurprisingly continued to decline incommercial hubs normally abuzz with activity.
This dynamic is expected to continue, oreven worsen, depending on the severity of thegovernment’s next steps in order further limit
business activity and the movement of people.
Looking ahead, it not inconceivable that footfall
takes longer to recover even after the outbreaksubsides, as consumers slowly get to grips withthe post-COVID-19 era. As such, the potentiallyseismic impact of the pandemic means that the
future prospects of this sector are extremely
unclear.
To make matters worse, the collapse inoverseas visitors is another huge blow to thesector. Yet, Japan remains an emerging market
for inbound tourism and therefore the adverse
effects from the pandemic are somewhat
more manageable, especially when compared
to regional peers. Broadly speaking, inboundtourism accounts for less than 1% of its GDP,
though some retailers and submarkets are more
dependent on these visitors than others.
Nonetheless, the disparity amongst winners
and losers in the retail sector has been stark andthis trend is likely to become more pronounced.
Those who implemented digital platforms early
can continue to leverage these channels during
the COVID-19 crisis and beyond, while those
who are late to the digital game will continue
to struggle. On a longer-term basis, this crisis
will likely change shopping behaviour, withretailers now needing to respond to not only
e-commerce but also to the post-COVID-19
customer.
In the meantime, however, multiple retailproperty managers have begun to receive rent
reduction requests, especially from thinly
capitalised subsectors such as food services.
More requests should follow as operating
activity is further constrained by social
distancing guidelines and closed borders. As
a result, we should see some consolidation inthis fragile sector, which should be a positive
development in the long-term. For now,
however, skillful asset management mattersmore than ever.

For more information about this report, please contact us
Savills Japan

Savills Research

Christian Mancini
CEO, Asia Pacific(Ex. Greater China)+81 3 6777 5150
cmancini@savills.co.jp

Tetsuya Kaneko
Director, Head of Research& Consultancy, Japan+81 3 6777 5192
tkaneko@savills.co.jp

Simon Smith
Senior Director
Asia Pacific+852 2842 4573
ssmith@savills.com.hk

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